BOTHELL, Wash., Sept. 19 /PRNewswire-FirstCall/ -- Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK - News) announced today the initiation of a Phase I pharmacokinetic study designed to evaluate the safety, bioavailability and glucose response of Nastech's proprietary, rapid acting intranasal insulin formulation. The study will compare Nastech's intranasal formulation to an approved injectable product and to a recently approved new dosage form, Exubera® (insulin human [rDNA origin]) Inhalation Powder. Nastech's insulin nasal spray could provide patients with a convenient, needle-free alternative while avoiding possible pulmonary side effects or long term toxicity associated with the inhalation of insulin.